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(a) For at least ten (10) years after expiration of each contract of reinsurance transacted by the reinsurance intermediary broker, the reinsurance intermediary broker will keep a complete record for each transaction showing:
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(1) The type of contract, limits, underwriting restrictions, classes or risks, and territory;
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(2) The period of coverage, including effective and expiration dates, cancellation provisions, and notice required of cancellation;
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(3) The reporting and settlement requirements of balances;
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(4) The rate used to compute the reinsurance premium;
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(5) The names and addresses of assuming reinsurers;
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(6) The rates of all reinsurance commissions, including the commissions on any retrocessions handled by the reinsurance intermediary broker;
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(7) Related correspondence and memoranda;
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(8) Proof of placement;
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(9) Details regarding retrocessions handled by the reinsurance intermediary broker, including the identity of retrocessionaires and the percentage of each contract assumed or ceded;
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(10) Financial records, including, but not limited to, premium and loss accounts; and
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(11) When the reinsurance intermediary broker procures a reinsurance contract on behalf of a licensed ceding insurer:
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(A) Directly from any assuming reinsurer, written evidence that the assuming reinsurer has agreed to assume the risk; or
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(B) If placed through a representative of the assuming reinsurer, other than an employee, written evidence that the reinsurer has delegated binding authority to the representative.
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(b) The insurer will have access to and the right to copy and audit all accounts and records maintained by the reinsurance intermediary broker related to its business in a form usable by the insurer.
